Advertisement

Question 21 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 8 of +2- Part
Q-21 - CH-8 - Usha +2 Book 2018 - Solution

Advertisement

Question 21 Chapter 8 of +2-Part-1

Advertisement

 21. (Oversubscription/Prorata Allotment) Jaideep applied for 10,000 shares of Rs. 10 each in Simran Company. The amount being payable Rs. 2 on application Rs. 4 on allotment, Rs. 3 on first call and Rs. 1 on final call. He was allotted 8,000 shares. Excess money was retained for allotment . Pass necessary Journal entries.

The solution of Question 21 Chapter 8 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
a)Bank A/c (10,000X2)Dr. 20,000 
 To Share Application A/c   20,000
 (Being application money received on)    
      
b)Share Application A/cDr. 20,000 
 To Share capital A/c   16,000
 To Share allotment A/c   4,000
 (Being 8,000 shares allotted & excess money refunded )    
      
c)Share Allotment A/c (8,000 x 4)Dr. 32,000 
 To Share capital A/c   32,000
 (Being allotment money due)    
      
d)Bank A/c (32,000 – 4,000)Dr. 28,000 
 To Share allotment A/c   28,000
 (Being allotment money received in full)    
      
e)Share first Call A/cDr. 24,000 
 To Share capital A/c   24,000
 (Being final call money due on 22,000 share @ 30 per shares)    
      
f)Bank A/cDr. 24,000 
 To Share First Call A/c   24,000
 (Being of first call money received in full)    
      
g)Share final call A/cDr. 8,000 
 To Share capital A/c   8,000
 (Being final call money due on)    
      
h)Bank A/cDr. 8,000 
 To Share final Call A/c   8,000
 (Being balance of final call money received in full)    
     

Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

Advertisement

Advertisement

error: Content is protected !!